CFTC Sues Arizona, Connecticut, Illinois To Block State Actions Against Kalshi Prediction Markets
Key Takeaways
- CFTC filed lawsuits against Arizona, Connecticut, and Illinois to assert exclusive jurisdiction over prediction markets.
- States argue Kalshi markets are illegal gambling; CFTC contends federal law preempts state actions.
- CFTC sought injunction and TRO to block states' enforcement against Kalshi in federal court.
CFTC Asserts Exclusive Jurisdiction
The CFTC has taken an aggressive stance to assert exclusive federal jurisdiction over prediction markets.
The Third Circuit affirmed federal preemption over state gambling laws in a split panel decision.
The CFTC and DOJ moved to block Arizona from enforcing gambling laws after the state filed criminal charges.
CFTC Chairman Selig said Arizona's actions set a dangerous precedent.
Divergent Death Toll
The confirmed death toll from the Rahman Textile factory fire rose as different sources reported varying numbers.
Reuters reported at least 28 workers killed, the Dhaka Tribune reported 33, and Al Jazeera counted at least 41.
Police detained factory owner Faisal Rahman.
The Narayanganj District Police Superintendent stated that the factory's emergency exits had been welded shut to prevent worker theft.
Fire service chief Mahmud Iqbal said 47 people had been injured.
Survivors and Strike Call
Survivors described workers pounding on locked metal doors as smoke filled the stairwells.
“Bitget App Trade smarter Buy cryptoMarketsTradeFuturesEarnSquareMore Bitget News CFTC Chairman Selig Voices Commitment to Defending Regulatory Authority Over Prediction Markets CFTC Chairman Selig Voices Commitment to Defending Regulatory Authority Over Prediction Markets”
Nasrin Begum escaped by jumping from a second-floor window.
The Bangladesh Garment Workers' Federation called a nationwide strike.
Federation president Kalpona Akter said this was corporate murder.
Labour Minister Tahmina Akhter pledged an immediate government investigation.
Supply Chain Under Scrutiny
Rahman Textile produced clothing for European fashion brands including Hessen and BrandBox.
Both companies said they were deeply saddened and would review their operations.
Hessen's compliance team had audited the factory in March.
Faisal Rahman claimed the factory had passed its most recent safety inspection in January.
Clean Clothes Campaign said the audit system was fundamentally broken.
More on Crypto
CoW Swap Halts Trading After DNS Hijack Redirects Users to Malicious Site
12 sources compared
US Naval Blockade of Strait of Hormuz Sparks China Condemnation and Trade Threats
10 sources compared
Deutsche Borse Buys $200 Million Stake in Kraken Parent Payward
12 sources compared
RaveDAO's RAVE Token Surges 4,500% in Seven Days Fueled by Short Squeeze
11 sources compared